LONG TERM CARE PLANNING
When a loved one can no longer completely take care of themselves and the help of another person is required, a common concern is how to pay for that assistance. Long term care planning is the process of identifying resources that may be available to pay the substantial costs of in-home, assisted living, or nursing home-level care.
Developing and implementing a long term care plan can include updating estate planning documents, transferring resources to a specialized trust, judicious spending of resources, and application for Medicaid benefits. A long term care plan also considers protecting a well spouse and a minor or disabled child, as well as preserving some assets and leaving a legacy for family.
SPECIAL NEEDS PLANNING
Special Needs Planning is the process of providing an individual with a disability the private and public support and resources to lead as rich, full, and rewarding a life as possible. The planning is often multi-generational as grandparents, parents, and siblings coordinate to provide support for the individual with the disability throughout his or her life, including after the death of the parents.
The person with special needs may rely on needs-based benefits (SSI and Medicaid) to meet basic needs. Special needs planning is essential to preserve access to these critical benefits while enhancing the disabled person’s quality of life. Planning may include adult guardianship, establishing a Medicaid compliant trust, creating protections in family members’ estate planning documents, judicious spend-down of excess resources, or establishing specialized accounts.
Whether you are planning ahead or determining your options following a crisis Promise Law can help. Call us at 757-690-2470 or Contact Us online.